#Tokocrypto $TKO #binance $BNB The Binance subsidiary Tokocrypto obtains a full license in Indonesia

In case you didn't know, since September 9, the Indonesian exchange Tokocrypto has received a full license from the country's Commodity Futures Trading Regulatory Agency, also known as "Bappebti."

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Binance described Tokocrypto as its "subsidiary," suggesting it may have a controlling interest in the Indonesian trading platform.

The Indonesian exchange Tokocrypto has received a full license from the country's Commodity Futures Trading Regulatory Agency, also known as "Bappebti."

On September 9, Tokocrypto announced that it had received the physical crypto assets trader license (PFAK) from Bappebti. The license grants the company full authority to operate as a trader of physical crypto assets and ensures that the trading platform complies with the country's trading regulations.

Since 2014, exchanges in Indonesia operated within a category of "prospective cryptocurrency exchange." In 2019, Tokocrypto also registered as a prospective trader of physical crypto assets (CPFAK). That same year, Bappebti required all exchanges operating in Indonesia to apply for authorization, providing a framework for a full license.

Tokocrypto is the "third" exchange to receive the PFAK license

The CEO of Tokocrypto, Yudhono Rawis, stated that the company is the third exchange to receive the license in Indonesia. Currently, Rawis mentioned that there are still 35 potential cryptocurrency exchanges registered with the country's futures regulator.

Additionally, Rawis noted that obtaining the license is part of the company's strategy to become the leading trading platform in Indonesia. "This is an essential part of our strategy to build a solid foundation in the crypto asset ecosystem in Indonesia and to ensure that we can provide the best services to our customers," explained Rawis.

In 2023, Tokocrypto ranked first as the largest exchange in Indonesia by trading volume. CoinGecko data shows that the company had a market share of 43% among the three main centralized exchanges in the country. Its competitor Indodax closely followed with a market share of 42%, while Upbit Indonesia ranked third with a market share of 15%.

Tokocrypto, a "subsidiary" of Binance

In 2020, the cryptocurrency exchange Binance announced a significant investment in Tokocrypto as part of its efforts to position itself in the country. However, the company did not disclose the amount it had invested in the exchange.

The global trading platform then increased its stake in Tokocrypto in 2022, expanding its reach. Former Binance CEO, Changpeng Zhao, described the deal as an injection of more cash and an increase in its stake.

While previous investments in Tokocrypto were ambiguous, Binance revealed in the recent announcement that the exchange is its "subsidiary." This suggests that the Binance group may have some controlling interest in Tokocrypto.

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Source: https://es.cointelegraph.com/news/binance-subsidiary-tokocrypto-secures-full-license-indonesia